Public debt, government current account saving and primary surplus

Alexandre Manoel Angelo da Silva () and Manoel Carlos de Castro Pires ()

Brazilian Journal of Political Economy, 2008, vol. 28, issue 4, 612-630

Abstract: On this paper, we propose a change in the primary surplus’ target by the government current account saving. That concept excludes public investment from primary surplus. However, of that change has raised a question about if government current account saving represents a sustainable fiscal policy. Thus, this paper analyses if the change in the primary surplus’ target by the government current account saving implies a meaning modification on the debt-to-GDP ratio path. The empirical analysis, which is based on Brazilian monthly data for the period 1999-2005, suggests that the change in fiscal target does not mean a lack of sustainability. JEL Classification: H62; H63; H69.

Keywords: primary surplus; debt-to-GDP ratio; government current account saving (search for similar items in EconPapers)
Date: 2008
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